San Francisco’s developers and city officials are leveraging the use of special financing district and tax increment revenues to help fund the redevelopment of Treasure Island and Yerba Buena Island. The City selected Harris & Associates to assist the Treasure Island Development Authority in the review of reimbursement request submitted by Treasure Island Community Development LLC (the developer) as they begin to construct the infrastructure need to support up to 8,000 new residential units, including 2,173 designated affordable housing units, along with hotel rooms, office space, and retail space. There will also be approximately 300 acres of parks and open space.
“Our team is honored to have a part in this innovative project to redevelop Treasure Island which will include below market rate residential housing units in an effort to curb California’s housing crisis,” said Dennis Klingelhofer, Vice President of Municipal Funding and Special District Finance for Harris & Associates. “We look forward to the final result, which will surely be an asset for community members.”
The Treasure Island Development Authority and the San Francisco Department of Public Works selected Harris’ finance team to help because of its longtime involvement with the acquisition auditing of the City’s Mission Bay Development.
Harris’ experts will advise on acquisition protocols, determine reimbursable expenses, review reimbursement requests, and recommend developer reimbursement for the improvements to be acquired by the City. These improvements include parks and open space, transit equipment and facilities, streets, and other public infrastructure.